“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down simply by spending his money somewhere else.”
~ Sam Walton (Founder of Walmart and Sam’s Club)
They say every business has three types of customers.
There are price-conscious people – clients who will leave if they find a better deal. There are fence-sitters – those who like your brand but could be persuaded to go elsewhere. And there are loyalists – people who are willing to pay more to maintain a relationship.
If you move people toward loyalty, your bottom line will thrive. The success rate of selling to new customers ranges between 5-20%, while that rate soars to 60-70% for existing customers. And a 5% increase in customer retention can increase profits by as much as 125%.
With limited time and energy, devoting some of your marketing budget to customer appreciation makes good sense.
Here are five simple ways to build loyalty by showing customers you care:
Over 70 years ago, Hallmark crafted one of the most memorable slogans in history: “When you care enough to send the very best.”
The phrase was spot on – thoughtful written communication speaks volumes. When you want to touch your most valuable customers, a handwritten note is the gold standard. Though these notes take time, they really do work.
Put this goal in your task list and pen one appreciation note per day.
Sharing is caring!
There is nothing like the word “free” to grab attention and earn fans, especially when you give away something of value.
As soon as you post a giveaway contest, your popularity will soar. Try weekly email giveaways featuring business books or tutorial freebies. Onsite contest entries or selfie social media posts that tag your brand are a fun option. Or build engagement with a “caption this photo” challenge.
When you put kids first, parents will notice.
What are some ways you can honor families in your line of work? It may be countertop treats, mini water bottles, waiting room play areas, a coloring contest, or sibling discounts. Even a fish tank or a set of wooden puzzles can boost the happiness factor by ten.
Appreciate your families by welcoming their kids.
Whether you’re building your content marketing or strengthening B2B relationships, giving away wisdom is a no-brainer.
When you find a great online resource, a quick life hack, or a useful industry resource, make a point to pass it along. Or create tip sheets and videos demonstrating beneficial ways to use your product. Helping people succeed is a smart way to build relational currency.
Double your marketing efforts by combining a gift and your brand.
Stick your logo on USB drives, notebooks, stadium cushions, and more. People love getting something for nothing. And they’ll be reminded of your appreciation again and again.
As business author Michael LeBoeuf says, “a satisfied customer is the best business strategy of all.” Give people time, words of appreciation, or gifts and turn price-conscious fence-sitters into loyal followers and friends.
In a digitally saturated generation, print materials are one of the best ways to solidify your business relationships. Want to win over customers month after month so your business will thrive? When you’re ready to talk options, we’re here to help you inspire loyalty through print.